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Kansas City—September 26, 2012—The Kansas City Board of Trade has lowered its minimum margins for the hard red winter wheat futures contract and wheat calendar swaps old crop/new crop spreads. The KCBT also eliminated floor trader marked-to-market margin rates on calendar spreads.
The changes go into effect today. They are as follows:
| Hard Red Winter Wheat | Initial* | Maintenance | ||
| New Margin | Old Margin | New Margin | Old Margin | |
| Old Crop/New Crop Spread | $1000 | $2000 | $1000 | $2000 |
| Wheat Calendar Swaps | ||||
| New Margin | Old Margin | New Margin | Old Margin | |
| Old Crop/New Crop Spread | $1000 | $2000 | $1000 | $2000 |
* For Speculative (non-hedge, non-member or non-omnibus) accounts, the Initial to Maintenance ratio is 1.25:1, meaning the Initial margin requirement is 125% of the Maintenance margin requirement amount reflected above.
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